ForexPro99

Gold definitely will stay bearish for the long run

Short
FX:XAUUSD   Gold Spot / U.S. Dollar
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5
I definitely feel as if gold will continue its bearish stride, with possible retracements I see support around 1503 -1500

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Gold will definitely not go down in long term, there is no reason for it. It went down because people were taking profit from XAU in order to cover their losses elsewhere. This may repeat again as market begins to sell off again. Maximum possible drawdawn is probably somewhere around 1350 USD/oz. Medium-Long term target is around 1800 USD/oz.
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